Rwanda’s real gross domestic product (GDP) increased 8.4 percent in the first quarter of 2019 in comparison with that in the same period of last year, the Governor of Central Bank, John Rwangombwa disclosed in Kigali.
Figures released by Rwanda’s Central Bank on Thursday indicate that the country’s total exports receipts increased by 7.5 per cent to $577.8 million in the first quarter of 2019 from $537.3 million in the first quarter of last year.
The total volume has increasing by 58.1 percent, according to official estimates.
Rwanda’s Central Bank also predicts the economy to stabilized throughout 2019, with projection standing at 7.8 percent, in a context of low and stable inflation, projected to be around 2.0 percent and subdued exchange rate pressures.
In addition, reports indicate that the trade deficit increased by 27.7 percent in the first half of 2019, compared to the same period of 2018, settling at $767.92 million in the first quarter of this year, from $601.4 million in the same quarter of last year.
While imports bill continued to increase, the country’s local currency was affected – depreciating against the US dollar by 0.5 percent by June this year, it said.
The balance sheet of the banking sector continued to expand, growth happened across the major components of banks’ assets: loans (+17.6 percent), government securities (+13.3 percent), cash and reserves at NBR (+ 35.8 percent) and other investments (+43.3 percent),” Rwangombwa said
CU/as/APA